
California CA
"The Golden State"
The most populous and economically powerful state in America. From Silicon Valley to Hollywood, Yosemite to the beaches of Southern California, few places on Earth match its diversity, innovation, and natural beauty.
California state finances at a glance
State Debt - FY2024
Total state government debt outstanding at the close of fiscal 2024, including long-term bonds and short-term borrowing across state agencies and public universities.
Tax Revenue - FY2024
Total California state tax collections in fiscal 2024, led by the individual income tax ($123B) and the general sales tax ($53B).
Borrowing
California borrows mainly through voter-approved general obligation bonds and lease-revenue bonds, sold to investors, mutual funds, banks, and insurers in the municipal market. Separately, the state still owed the federal government roughly $20 billion in fiscal 2024 for pandemic-era unemployment benefits, a loan repaid through higher federal payroll taxes on California employers. The state reported about $5.4 billion in interest on its debt in fiscal 2024.
Source: U.S. Census Bureau, 2024 Annual Survey of State Government Finances.

